Blockchain technology has turned out to be the most effective and precise application when it comes to the supply chain management sector. Although the technology is not as mature as the rest of the technologies, yet blockchain applications are gaining enormous adoption from businesses and companies.
Blockchain technology can prove to be very essential for companies that seek transparency and trust among all the activities taking place on a daily basis. One of the first sectors to have recognized blockchain technology’s potential is the metals and mining sector.
It has been reported that the metals and mining sectors have started adopting blockchain technology on a higher scale. The main reason behind the blockchain-adoption by the sector is to track the global carbon emissions. With the help of blockchain technology, carbon emissions can be tracked even from complex supply chains.
The recent developments surrounding the adoption of blockchain technology in carbon emission is the launch of the proof-of-concept. The proof-of-concept has been launched by the World Economic Forum. The purpose of launching the proof-of-concept is to trace the emissions of carbon all across the supply chains. For the time being, the World Economic Forum has launched the protocol for seven metal and mining firms.
The proof-of-concept launched by the WEF has been dubbed as the MMBI (Mining and Metals Blockchain Initiative). The initiative is said to be a collaboration between the seven mining and metal companies and the WEF.
The names of the seven metal and mining companies are Glencore, Tata Steel, Minsur, Anglo American, Klockner& Co., Antofagasta Minerals, and Eurasian Resources Group.
In an interview, the head of the World Economic Forum, Jorgen Sandstrom talked about the importance of the launch of the new protocol. Sandstrom stated that the very ‘distributed’ nature of the blockchain technology enables it to be the perfect solution for the companies. Blockchain technology can play a key role in the sector for the tracing of carbon emissions across the supply chains.
Sandstrom also mentioned that similar to all other sectors in the world, the mining and metal sector also demands advancements and improvements. He said that the companies with forward-thinking in the mining and metal sector are well aware of the importance of blockchain technology.
Therefore, blockchain technology will soon gain enormous adoption in the mining and metal sector. Sandstrom that it is not just one pain point ‘carbon emission’ that the blockchain technology can help conquer. The industry will be able to find even more uses for blockchain technology in near future.
Sandstrom commended that the new initiative will be fully handled and controlled by the mining and metal industries. Therefore, the industry will be able to test the blockchain protocol to its highest potential.